Carla Vista Resort Corp. issued a 20-year, 8%, $300,000 mortgage note payable to finance the construction of a new building on December 31, 2024. The terms provide for semi-annual instalment payments on June 30 and December 31. (a) Your Answer Correct Answer (Used) Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment fixed principal payment of $7,500. (Round answers to O decimal places, e.g. 5,276. List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.)

Munabhai

Kanta Company purchased a building and land with a fair market value of $600,000 (building, $425,000 and land, $175,000) on January 1, 2024. Kanta signed a 30-year, 13% mortgage payable. Kanta will make monthly payments of $6,637.20. Round to two decimal places. Explanations are not required for journal entries. Read the requirements. Requirement 1. Journalize the mortgage payable issuance on January 1, 2024. (Record debits first, then credits. Exclude explanations from any journal entries.) Accounts Debit Date 2024 Jan. 1 C Credit Requirements 1. Journalize the mortgage payable issuance on January 1, 2024. 2. Prepare an amortization schedule for the first two payments. 3. Journalize the first payment on January 31, 2024. 4. Journalize the second payment on February 28, 2024. Print Done

Edward purchased a new piece of equipment to be used in its new facility. The $445,000 piece of equipment was purchased with a $66,750 down payment and with cash received through the issuance of a $378,250, 9%, 5-year mortgage payable issued on January 1, 2022. The terms provide for annual installment payments of $97,245 on December 31.   1. Prepare an installment payments schedule for the first five payments of the notes payable   2. Prepare the journal entry related to the notes payable for December 31, 2022.    3. Show the balance sheet presentation for this obligation for December 31, 2022. (Hint: Be sure to distinguish between the current and long-term portions of the note.)

LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2024. In payment for the $24.8 million purchase, LCD issued a 1-year installment note to be paid in equal monthly payments at the end of each month. The payments include interest at the rate of 12%. Required: 1. & 2. Prepare the journal entries for LCD's purchase of the components on November 1, 2024 and the first installment payment on November 30, 2024. 3. What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2024?

Required information [The following information applies to the questions displayed below.] On January 1, 2021, Splash City issues $310,000 of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 10%, the bonds will issue at $283,405. Required: 1. Complete the first three rows of an amortization table. (Round your intermediate and final answers to the nearest whole dollar.) Change in Carrying Value Interest Carrying Value Date Cash Paid Expense 1/1/21 6/30/21 12/31/21

An accounting example: Otter Products inc issued bonds on January 1, 2019. Interest to be paid semi-annually. Term in years is 2; Face value of bonds issued is $200,000; Issue Price $206,000; Specified Interest Rate each payment period is 6% Question. Calculate a. the amount of interest paid in cash every payment period. b. The amount of amortization to be recorded at each interest payment date (use straight-line method) c. complete amoritzation table by calculating interest expense and beginning and ending bond carrying amounts at the each period over 2 years.  The term is for 2 years however 3 years is showing on the workbook. How do I calcuate the 3rd year if the problem only says the term is 2 years?

Comly Communications issues a $600,000, 10%, 20-year mortgage note on January 1. The terms provide for annual installment payments of $69,932, exclusive of real estate taxes and insurance. After the first installment payment, the principal balance is $590,068. $530,068 $565,034. $600,000.

On January 1, 2021, Stoops Entertainment purchases a building for $550,000, paying $110,000 down and borrowing the remaining $440,000, signing a 9%, 15-year mortgage. Installment payments of $4,462.77 are due at the end of each month, with the first payment due on January 31, 2021. 2. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)     Date Cash Paid Interest Expense Decrease in Carrying Value Carrying Value 01/01/2021         01/31/2021         02/28/2021

Prepare all journal entries and adjusting journal entries necessary to record the information below for year 2022: On November 15, 2022, WTG purchased a patent for $49,500. It used an installment loan to purchase the patent. Payments are due on May 15 and November 15 of every year (so the first payment is due May 15 next year) for the next 5 years. The interest rate is 7%. See amortization table below: ■ Patent Loan Amortization Principal Interest Years Payments/year Payment Date 5/15/23 11/15/23 5/15/24 11/15/24 5/15/25 11/15/25 5/15/26 11/15/26 5/15/27 11/15/27 $49,500 7% 5 2 5,952 Interest Principal Payment Balance 49,500 5,952 45,281 5,952 40,913 5,952 36,393 5,952 5,952 5,952 5,952 5,952 5,952 5,952 1,733 4,219 1,585 4,367 4,520 4,678 4,842 941 5,011 765 5,187 584 5,368 396 5,556 201 5,751 1,432 1,274 1,110 31,715 26,873 21,862 16,675 11,307 5,751 0